New Cracking SEBI General in 60 Days - Possible or Not?
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Question

Under the Payment and Settlement Systems Act if an applicant's application for the operation of a payment system is refused or a system provider is aggrieved by an order of revocation, what action can they take?

A File a lawsuit against the Reserve Bank Correct Answer Incorrect Answer
B Appeal to the Supreme Court Correct Answer Incorrect Answer
C Appeal to the Reserve Bank Correct Answer Incorrect Answer
D Appeal to the Central Government Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

Section 9.   Appeal to the Central Government: (1) Any applicant for an authorisation whose application for the operation of the payment system is refused under sub-section (3) of section 7 or a system provider who is aggrieved by an order of revocation under section 8 may, within thirty days from the date on which the order is communicated to him, appeal to the Central Government.

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